Posted by Don-NY on June 27, 2007 at 04:56:13:
I may as well get this started. AFTER you do a pile of due diligence, You place a value on the land. What is it worth without the homes. Is it 4 seperate building lots or 3 homes on one deed? Well or city, septic or sewer, Are the homes doubles or singles, older or newer, zoning, good tenants or bad, new underground piping or “orangeberg” etc, etc? Then you value the homes as if you were buying them to “Lonnie” without the land. I am assuming this guy wants to make his problem (judgement) go away. If it was such a great deal he would be advertizing it locally ( or may have already done it) and not had any takers. You say you are going to Lonnie the homes to pay off the mortgage? So the homes will sell for $83,000? This may be a great deal (it doesn’t sound bad if the 3 homes are not piled on top of each other)or it may be a stinker. You have to do the homework. Ps depending who the judgement is with you may be able to negotiate a lower payoff. Good luck!